Insured CMHC Mortgages

How Much Does CMHC Mortgage Loan Insurance Cost? (Taken Directly from CMHC's Website)

To obtain CMHC Mortgage Loan Insurance, lenders pay an insurance premium. Typically, your lender will pass these costs on to you. Your lender will give you the exact price when you apply for a mortgage.

The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.

Remember: without mortgage insurance you may avoid the insurance premium but you’ll typically pay much higher interest rates and additional administrative fees. At the end of the day, for the vast majority of borrowers, the cost of CMHC Mortgage Loan Insurance is more than fully offset by the savings achieved.

A 10% premium refund and extended amortization period without surcharge may be available when CMHC Mortgage Loan Insurance is used to finance an Energy-Efficient Homes.

Loan-to-Value

Premium on Total Loan

Premium on Increase to Loan Amount for Portability and Refinance

Standard Premium

Self-Employed without 3rd Party Income Validation

Standard Premium

Self-Employed without 3rd Party Income Validation**

Up to and including 65%

0.50%

0.80%

0.50%

1.50%

Up to and including 75%

0.65%

1.00%

2.25%

2.60%

Up to and including 80%

1.00%

1.64%

2.75%

3.85%

Up to and including 85%

1.75%

2.90%

3.50%

5.50%

Up to and including 90%

2.00%

4.75%

4.25%

7.00%*

Up to and including 95%

2.75%

N/A

4.25%*

*

90.01% to 95% — Non-Traditional Down Payment***

2.90%

N/A

*

N/A

Extended Amortization Surcharges

Greater than 25 years, up to and including 30 years: 0.20% Greater than 30 years, up to and including 35 years: 0.40%

For portability and refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. In the case of portability, a premium credit may be available under certain conditions.

* Premiums shown with an “*” do not apply for refinance. For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV. For portability, the premium is higher for non-traditional down payments on Increase to Loan Amount.

** For conversion from Self-Employed with traditional 3rd party income validation to Self Employed without traditional 3rd party income validation, the premium is the lesser of: a) the Premium on Total Loan Amount or; b) the outstanding balance multiplied by a 1.5% premium plus the Premium on Increase to Loan Amount.

Premiums in Ontario and Quebec are subject to provincial sales tax. The provincial sales tax cannot be added to the loan amount.

Online Mortgage Application

The quicker we get this information, the sooner we can obtain a mortgage for you!

Mortgage Information

Which Mortgage Broker or Mortgage Agent?*

Which Mortgage Product?*

Mortgage Amount Required*

Value of Property being Mortgaged*

Personal Information

Name*

FirstLast

Home Phone*

Work Phone

Cell Phone

Email*

Fax Phone

Social Insurance Number*

Date of Birth*

Gender*

Home Address*

Street AddressCityProvincePostal Code

Do you Own, Rent or Other?*

How Long At This Address?*

Preferred Method of Contact

Marital Status*

How Many Dependents?

Education

When do you need this mortgage?*

Will There be a Co-Applicant?*

Is Your Spouse a Co-Applicant?*

Co-Applicant Personal Information

Name*

FirstLast

Home Phone*

Work Phone

Cell Phone

Email*

Fax Phone

Social Insurance Number*

Date of Birth*

Gender*

Home Address*

Street AddressCityProvincePostal Code

Do you Own, Rent or Other?*

How Long At This Address?*

Preferred Method of Contact

Marital Status*

How Many Dependents?

Education

Employment Information for Main Applicant

Industry*

Employment*

Job Title or Position

Income*

Name of Employer or Business

Employer or Business Phone

How Long at this Employer?*

I/we warrant and confirm that the information given in the mortgage application form is true and correct and I/we understand that it is being used to determine my/our credit responsibility. You are authorized to obtain any information you may require for these purposes from other sources (including, for example, credit bureau) and each such source is hereby authorized to provide you with such information. I/we also understand that the information given in the mortgage application form as well as other information you obtain in relation to my credit history may be disclosed to potential mortgage lenders, financial intermediary and mortgage insurers, organizations providing technological or other support services required in relation to this application and any other parties with whom I/we propose to have a financial relationship.

Online ApplicationsPlease read the paragraph above prior to sending completed application. By transmitting and submitting the online mortgage application you are accepting the terms of the paragraph noted above.